BUZZ-Pacific E&P faces near term insolvency concerns-energy investment firm
** Pacific Exploration & Production Corp's shares down 38 pct at C$0.78, set for their worst day since July
** Canadian oil producer's stock is down for 5 days in a row now, and on Thursday hits a 9-year low of C$0.75
** Energy investment firm Harbour Energy says Pacific E&P faces "significant near term insolvency concerns and requires a large infusion of new capital in order to restructure its balance sheet..."
** Harbour Energy, which dropped plans to buy Pacific E&P last July, proposes to sponsor Pacific E&P's debt restructuring
** Pacific E&P debt was about $5.4 bln as of Sept. 30
** Harbour Energy launches tender offers to buy Pacific E&P's outstanding senior debt of about $4.10 bln
** "The 'best case' outcome for equity would be significant dilution via a debt-for-equity swap by EIG and a further equity raise ($300mm - $500mm)," Dundee Capital Markets says
** "The 'worst case' outcome for equity remains, however, our central case - namely zero value for the equity," Dundee says
** Up to Wednesday's close, stock had fallen about 70 pct in the last 12 months
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